LONDON--()--Citi has been appointed by Gazprom Marketing & Trading (GM&T), the global integrated energy solutions provider, to implement a global cash management program centralized in London. The program is underpinned by a sophisticated technology solution encompassing SAP, SWIFT and XML. It provides a wide range of critical features including liquidity management services, straight-through processing of high value and time critical payments supported by an intraday credit solution, vendor payments and payroll services.
“We are delighted to have been appointed by GM&T as their global cash management provider as they embark on an ambitious project to establish a truly global centralized treasury organization”
The solution allows GM&T to streamline key treasury processes and centralize flows into its London-based global finance center, thereby gaining greater visibility through more sophisticated cash and liquidity provision forecasting. The program also provides a robust payment mechanism with secure authorization structures to allow the processing of all payments and collections with full control and visibility at any time and from any location, thanks to a unique flexible intraday credit limit feature.
“The new global cash & liquidity solution enables us to rationalize our processes as part of the creation of a global treasury organization,“ said Michal Kawski, Head of Treasury at Gazprom Marketing & Trading. “We are confident in Citi’s ability to deliver and execute a best in class global program that supports the world class treasury organization we’ve created in just 3 years.”
“We are delighted to have been appointed by GM&T as their global cash management provider as they embark on an ambitious project to establish a truly global centralized treasury organization,” David Aldred, Industrials and Energy, Power & Chemicals EMEA Sector Head, Client Sales Management, Citi’s Treasury and Trade Solutions, added. “Citi’s integrated cash management solution will help GM&T maximize control and efficiency to support growth and mitigate risks presented by the current challenging economic environment. “
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.
Citi, the leading global financial services company, has approximately
200 million customer accounts and does business in more than 160
countries and jurisdictions. Citi provides consumers, corporations,
governments and institutions with a broad range of financial products
and services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
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About Gazprom Marketing & Trading Ltd
Gazprom Marketing & Trading Limited is a UK-registered wholly-owned subsidiary of OAO Gazprom (“Gazprom”), the world’s largest gas company by asset base, accounting for 18% of the world’s total natural gas reserves and for about 70% of natural gas reserves in Russia. The Company is headquartered in London and was established in 1999 to manage Gazprom's marketing and trading activities in the liberalised markets of Europe. The Company is responsible for the optimisation of Gazprom’s energy commodity assets and downstream expansion through its marketing and trading network. With subsidiaries in USA, Singapore, France, Germany, UK and Switzerland, the Company trades energy commodities including gas, power, oil and oil products, carbon, LNG and FX. www.gazprom-mt.com